CNBC’s Mad Money host, Jim Cramer, said in an interview with Erin Burnett that the United States government should have liquidated its stake in Citigroup (NYSE: C) when the share price was at $5.00.
In his interview, Cramer said that the government should have liquidated its shares rather than playing the market. Cramer believes that the government became greedy with its Citigroup stake leading to a loss in taxpayer money.
Cramer believes that it would be bad news for Citigroup if the government decided to sell its stake now and stated that the profits that the government could have taken would have significantly lowered the cost of the Troubled Asset Relief Program. Cramer publicly demanded an explanation for what he calls a gamble.
Citigroup shares fell 0.74% today and closed at $4.03. The bank’s stock had a volume of $194.04 million.
